Fortis reported fourth quarter adjusted earnings per share of $0.90, beating analyst expectations of $0.61 by 47%. This strong performance was driven by robust growth in its regulated utilities, particularly rate base expansion fueled by $5.6 billion in capital expenditures for 2025. The company also announced a $28.8 billion five-year capital plan, expected to sustain 7% annual rate base growth through 2030 and support a 4-6% annual dividend increase.

Fortis attributed the earnings surge primarily to rate base growth across its utilities, including gains from major capital projects and cost rebasing at Central Hudson. However, higher costs at UNS Energy related to rate base growth not yet reflected in customer rates and milder weather impacting retail electricity sales partially offset these gains. Annual net earnings reached $1.7 billion ($3.40 per share), up from $3.28 per share in 2024.

Fortis emphasized the dedication of its workforce and the growth of its regulated utilities as key drivers of long-term value creation, highlighting the strategic importance of its capital investments for future profitability and shareholder returns.